The Leopard Project comprises two groups of claims within trucking distance of Nara and located on an adjacent greenstone belt. It is found in a favourable regional setting, surrounded by historical and modern gold producing mines.

The Project is divided into two separate sites. Site One produced more than 2,000oz from ore grading 3.5g/t gold. Site Two contains three claims that are believed to be an extension of a historic mine that is reported to have produced more than 1Moz gold from ore at an average grade of more than 0.5 ounces/tonne.

Site One is located within a shear zone to the north of the Project. The mine’s

underground and bulk mining exploration potential is evidenced by an historical, non-code compliant inferred resource estimate* of 1Mt ore grading 5.5g/t gold.

*The potential quantity and grade is of a conceptual nature, and as such cannot be used to define a Mineral Resource under the JORC Code. It is uncertain if further exploration will result in the determination of a Mineral Resource.

Site Two is located towards the south of the Project. The adjacent historic mine (not part of the property) was mined down to a depth of 1km from surface within a north-south trending quartz reef. No exploration has taken place in the area since the 1930s. Ongoing artisanal workings indicate the potential for mining opportunities.

Kavango believes Leopard has the potential to host a bulk mineable gold deposit. As such, the Company has entered an exclusive option to acquire the asset.

It will assess the underground and near-surface potential of the two historical mines at Leopard through:

• Mapping
• Sampling
• Twinning historical holes at Site One